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Thread: Mortgage Management

  1. #31
    Dreamer rt1ky's Avatar
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    Thanks. I just wrote the mayor of ou town to explain the situation. He is on this new "Healthy Town" kick and we do have some smoking regulations in our city. I don't know if anything can be done.

    I think I will try to speak with him. My previous neighbors smoked cigarettes, but I never smelled anything. They didn't know I had ashtma and they always cracked a window or opened the screen door when the smoked.

    The windows of my new neighbor's car are foggy and filmy and smell like cigar smoke. I think he is used to smoking with no ventilation at all. .

  2. #32
    Scrappy Spartan Broadway's Avatar
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    Ick! I don't have asthma and excessive cigarette smoke drives me physically and mentally insane, too... so I can only imagine.

    myrosiedog knows much more than me... but I can't help wondering about a Lease to Own situation? I've seen a few homes for sale near me that are for sale in that manner. I wonder if those would help you out and be better financially?
    Never let the things you want make you forget about the things you have.

  3. #33
    Dreamer rt1ky's Avatar
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    I will look into some lease to owns.

    Thanks.

  4. #34
    MRD
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    FORT Fogey MRD's Avatar
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    Lease to owns are good ways to go too, but as with anything, be careful.

    Normally they will want a down payment or deposit. Here they typically run about $3000-$7000 down. Then a PORTION of your rent goes to the purchase of the home. Now here is where it can get bad. If your rent is $700 a month and only $150 is going towards the home, that is not good. YOu want to get as much as you can going towards the purchase.

    Make sure you get the purchase price locked in at the time you sign the paperwork. If they are leasing to own the home for $75,000 in 2006 and property values go up (they skyrocketed here in a year and a half and several people got royally screwed because there was a cllause in their contract about increased home value), you want to make sure that when the lease is up (typically 1-2 years) that the purchase price is still locked in at $75,000.

    Now the good thing about lease to own homes. After a year, most lenders will loan you money and consider it a refinance other than a new purchase.
    But the programs that help first time and low income home buyers do not usually help in lease to own situtations. Now, I don't know about where you live, but here, the typical lease to own is usually a year at which time you have to find a lender in order to purchase the home from the owner. Not too many owners will do long term rent to own and you don't want to do that either as only part of your rent is going to the purchase price. In a regular mortage, you entire payment is going to principal and interest in the house. In rent to own, the owner is getting rent AND a "mortgage" payment. Also you can't deduct rent payments in a lease to own from your income taxes like you can the mortgage payments. lease to own is a good way to get into a home, but I would only consider the term of the lease to be one year at which time you can refinance with a lender.

    We looked into one rent to own 2 years ago. The purchase price was $140,000. They wanted $7000 down and payments of $1400 a month with $700 going to the purchase price. HOWEVER after reading the fine print, we discovered that after the first year, then the purchase price of the house would go up to over $200,000!!!!! It was a MAJOR ripoff scam.
    Right now in our area there is a landlord who owns about 400 homes in 4 cities and he's being investigated by the FBI and the IRS as he has been defrauding his renters and defaulting on the contracts and then evicting them from the houses they are trying to rent to own. Several are sueing him and quite a few have lost upwards of $20,000 and still don't have a house to show for it. This is why I say be careful.

    If you are a grad student, is there a legal aid office on campus or in your town? Because I would have someone look over any contract before you sign it to make sure you are protected and not losing money.

    I don't want to scare you. Homeownership is a great thing, but you do want to be careful and get as much info as possible and not get ripped off.
    I spent 15 years in title insurance and I saw a lot of unscrupulous realtors, bankers and sellers. Most were above board, but a few were downright theives and advantage takers. Since this is your first time, I would definetly get some professional advice and in the case of lease to own, I'd have a lawyer look over the contract.
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  5. #35
    Dreamer rt1ky's Avatar
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    I contacted a(n)? FHA representative to looke into one of their loans. My main concern now is my ability to afford the monthly mortgage payment. My credit is good, so I may be eligible for some FHA help with the down payment.

    I spoke with my landlord today I asked if they could move me to a first floor apartment of the same size, somewhere else on the property. They said they couldn't or wouldn't ( I forget). They said that could only move me to a larger (more expensive) or (significantly) smaller (cheaper) apartment.

    My parents, my sister and her husband all says this smells fishy. I thought about filing a complaint with the local better business bureau. The lanlords know I have asthma, because every year I have to get my air conditioner fixed. Apparently it is cheaper to re-fill the coolant every year than to fix the hole in the unit. The thing is, the repair people only come out after it has been hot for a certain period of time, so I just have to crash at my parents house, like I am often doing now when my air filters can't keep up with the smoke.

    Homeowner of not, my main goal now is to just get out of here. I don't want my father to have anymore "talks" with the staff.

    Thanks for all the advice.

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